British business `badly prepared' for introduction of euro
According to one of them, produced by a group of Britain's top finance directors, fewer than one in five companies has a strategy in place for dealing with economic and monetary union.
The report by the Hundred Group, which represents the finance directors of Britain's biggest companies, says business needs to prepare urgently for the development of a large European capital market that could offer a cheaper and more liquid form of long-term finance. Banks also need to position themselves to offer a pan-European service and the changes in cash handling systems that will result from the introduction of the euro.
Meanwhile, a survey of 250 European company directors, commissioned by information technology consultancy ECsoft Group, found British companies lagging behind in the IT changes needed to cope with the euro. It said that 17 per cent of British companies questioned were planning EMU-related investment in IT, compared with 56 per cent of German firms.
Brian Birkenhead, chairman of the Hundred Group, said: "British business has a lot of work to do regardless of whether the UK is in or out of a single currency."
Launching the report, The Single European Currency: a Practical Guide, Mr Birkenhead said there was no certainty that monetary union would go ahead on the planned date of 1 January 1999. "But businesses would be ill advised to assume it will not," he said.
Even if the UK does not join the single currency, the Hundred Group warns that Britain's continuing commitment to the single market will require careful management to avoid jeopardising the UK's EU trading links.
- 1 Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
- 2 Amber Roof: Sister of Charleston shooting suspect Dylann Roof launches fund-raising appeal for wedding and honeymoon
- 3 'Help me I'm trapped in a factory' messages keep being found on bottles of vitamin water
- 4 Right to die: Belgian doctors rule depressed 24-year-old woman has right to end her life
- 5 BP hit with record $18.7 billion fine over Deepwater Horizon Gulf oil spill
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Amber Roof: Sister of Charleston shooting suspect Dylann Roof launches fund-raising appeal for wedding and honeymoon
Russell Brand condemns moment of silence for Tunisia attack victims as a 'minute of bulls**t'
Right to die: Belgian doctors rule depressed 24-year-old woman has right to end her life
Worker killed by robot at Volkswagen car factory
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
They are neither a 'state' nor 'Islamic': Why we shouldn't call them Isis, Isil or IS
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...